South Korea Plans to Launch a Blockchain Center in Busan

15 Jun 2018

South Korean authorities are currently planning to launch a Blockchain center in Busan. The Busan Crypto Beach will be located in Haeundae, one of the popular tourist destinations.

15 June, AtoZ Markets – South Korea has informed the public that it plans to launch a Blockchain center in Busan city. The authorities also stated that the center will be built on the prototype of the SwissCrypto Valley.

South Korea Plans to Launch a Blockchain Center in Busan

According to local news outlets, the chairman of South Korean ICT Financial Convergence Association Oh Jung-geun has spoken in regards to this topic during the recent Blockchain event in Seoul. He has stated that the organization looks into creating a space that is similar to the “Crypto Valley” located in the Swiss canton of Zug. He has been quoted as saying:

"We need a place to concentrate on the cryptographic industry in Korea like the Crypto Valley in Switzerland.”

Mr. Oh has noted that the association plans to launch the “Crypto Beach” space at Haeundae, Busan. Haeundae is a community that is very popular among tourists, as it is located in eastern Busan. This space has been classified as a commercial development center by the South Korean officials in the past.

The Association reportedly wants to discuss the project with the authorities of Busan city on August 30. Mr. Oh has highlighted that many of the South Korean companies are launching initial coin offerings (ICOs) abroad due to the current ban on ICOs in the country. He has expressed concerns in regards to the lack of understanding of the new technology. He believes it is possible to miss out on some of the benefits of this nascent technology due to the strict regulations in the region.

Will South Korea lift ICO ban?

Back in September 2017, South Korea financial officials have announced a ban on ICOs. They have claimed that ICO projects should be strictly controlled. Since then, the authorities have realized the consequences of banning the industry. Some of the risks involved the outflow of the talent and investment to overseas.

Therefore, South Korean lawmakers have reportedly begun to work on legislation that looks into easing the existing ban on ICOs.